#190: Conversations with the Chairman of NY Signature Bank about COVID-19, the Economy and How to Manage in Uncertainty description

If you’re wondering what COVID-19 is going to potentially do to our economy and what our future might look like, this is the episode for you. Today I’m talking with Scott Shay, the co-founder and chairman of NY Signature Bank (which is the 40th largest bank in the US). He was able to grow the NY Signature Bank up to 1,400 employees, 500 million in net income in 2019, and 50 billion dollars in assets without a single acquisition.

Scott is on the ground floor of the economic impact of the COVID-19 epidemic and had a lot of insight to share. He also has a lot of experience having gone through the ‘87 stock market crash, the dot com bubble, and ‘08. He has a lot of experience and information to share with us from everything he has been through in his long career in banking.

Since most of the country is on lockdown for our healthy and safety, we aren’t able to hold our scheduled ARKONA boot camp. I have been working to create a video course with my business partner. We will be putting out our video course for $295. If you text the word “intentional” to 66866, you can get on the waiting list for this digital course.

In this course, we will teach you how to build a valuable company with the end in mind, using our five intentional growth principles.

A Note About the Podcast:

I’ve realized that--more than “life after business”--this podcast is about being intentional and growing your business so you can have more options and more freedom in your journey. So my question is, if the name of the podcast changes from “Life After Business” to “Intentional Growth: How to Grow the Value of Your Business with an End in Mind”, would that throw you for a loop? The topics and content would still be the same, the only difference would be the title.

Your opinion is so important to me. Please reach out to me if you have any questions or comments. You can contact me via email at rtansom@arkona.com, on my LinkedIn, or you can call me at 612-720-6530.

What you will learn:

Who is Scott and what is his background?

The economic impact of COVID-19

The future of business after this pandemic

The changes we’re going to have to make during and after this crisis

Scott’s golden rule of banking

How acquisitions fit into the efficient market

Corporate debt and how to maintain stability without any incoming revenue

The impact COVID-19 will have on the pension fund

How can the typical American handle being out of work for weeks (potentially months)?

Why this uncertainty is so frightening

Scott’s ideas about how people can come together without polarizing ourselves

Scott’s new book and why he wrote it

The Takeaway:

If there’s one thing that you can control, it’s the consumption of information right now and what you’re going to do when things start normalizing.

Quotes:

“Thank god this isn’t the influenza of 1918!” - Scott Shay

“Everything in modern life is so convenient and yet, becoming more and more fragile and it’s a serious concern.” - Scott Shay

“We’re in a global economy. All these countries are, you know, bleeding with debt and we’re all intertwined with the investments we have.” - Ryan Tansom

“Are you going to have more value or not? Or is it just, in the short game, to hand off the bag to someone else?” - Ryan Tansom

Resources:

Scott Shay, official website

Scott Shay, LinkedIn

Scott Shay Ted Talk, YouTube

In Good Faith: Questioning Religion and Atheism by Scott Shay, Amazon

Antifragile: Things That Gain from Disorder (Incerto Book 3) by Nassim Nicholas Taleb

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.com, on my LinkedIn, or you can call me at 612-720-6530.